Inditex, the global fashion retailers which owns Zara, indicated that sales growth is rising ahead of Christmas as it revealed a 5% increase in sales in the nine months to 31 October.

The company said that total sales at constant currency rates were up 10% between the beginning of November and 8 December, implying a 4% rise in underlying sales according to analysts compared to 2.9% in the previous three months. Analysts said the improvement was good news after a tougher period for Inditex as it has struggled to build on a strong growth in 2012.

The better performance comes just in time for the most important trading period of the year when Inditex made nearly 30% of its sales last year.

However, the company reduced its plans for store openings during its current finanical year from 440 stores to a net 325 as it will close about 175 smaller outlets.

David Alexander, retail consultant at retail consultancy Conlumino, said: "The era of meteoric growth may be over, but Inditex seems to have a solid plan in place for the future. Focusing on expanding its online presence and on consolidating its position within existing markets looks like a sound strategy."